AVENG shares soared from 6 cents to R27.70 on the JSE by early yesterday afternoon, which was the first day of trading following the international infrastructure and resources group’s share consolidation.
In October the group announced it would consolidate its shares on a 500 to one basis, following shareholder approval for the consolidation at a shareholder meeting in November.
Before the share consolidation, Aveng had more than 60 million shares in issue after several rights issues that it undertook as part of restructuring since 2017. The group reported earnings of R751 million in the year to June 30, 2021, its first positive annual earnings since 2014.
The restructuring left it with two core subsidiaries Austral-Asia focused McConnell Dowell and resources engineering services group Moolmans, after disposing of non-core businesses.